Rugby League Live 2 developer reportedly suffering over $6.7 million in debt; CEO Ross Symons says all staff are "securely employed."

Melbourne-based game development studio Big Ant (Rugby League Live, Rugby League Live 2) has entered administration, with S & Z Insolvency appointed as liquidators.

According to a Australian Securities Exchange Index filing, the studio filed for voluntary liquidation on November 28, 2012. A meeting of creditors will be held on December 21 to decide on the future of the studio.

Kotaku Australia reported that Big Ant is declaring debts of over $6.7 million, including a $4.2 million debt that is reportedly owed to the studio that could not be recouped.

Despite the news, Big Ant CEO Ross Symons told GameSpot AU that all the studio's staff are secure, and that the liquidation is part of an internal restructure.

"There has been a restructure of a business that was not profitable. The vast majority of the debts are to the shareholders of the company, including myself,’ Symons said via email.

"All staff are securely employed and we continue to make games."

Big Ant specialises in sports, and racing games for consoles and PC, and recently released Rugby League Live 2. The studio's previous titles include Rugby League Live and AFL Live Game of the Year Edition.

Read and Post Comments | Get the full article at GameSpot